Wondering What are the advantages of paying with Bitcoin? If your answer is yes, then I am here to help you out. If you have ever looked for online payment options, then I am pretty sure you have come across to this term cryptocurrency or bitcoin.
And there are quite a lot of people who suggest us to use bitcoin as a payment method. However, the question is what you should use bitcoin for payment? Well, to make you understand in a better way, I am going to talk about the advantages of paying with bitcoin. So here we go:
What are the advantages of paying with Bitcoin?
One of the best parts of bitcoin is that it offers you the anonymity that you do not get with other payment options. You should know that Bitcoin purchases are discrete and unless a user voluntary reveals his or her Bitcoin transactions, the user’s personal identity never associated with the transaction. But on the cash only purchases, you have to reveal your identity. Also, the best part is that Bitcoin address that is generated for user purchases changes with each transaction. And this is one of the reasons why most of the internet transactions happen over Bitcoin only. Also, it is mostly used by hackers.
No Third-party Interruptions
There is no third party interruptions. The biggest advantage of bitcoin is that it is a decentralized network. This means, no bank or government has control over it. And they cannot interrupt a user transaction or place a freeze on bitcoin accounts. The bitcoin system works purely from peer to peer. As a result, there is no third party involved in the process.
Another cool part is that it offers you a universal transaction. Usually, if you want to purchase something from a foreign website, then your credit card or services like PayPal is the best option. However, they do charge a good amount of processing fee for the job. But when it comes to bitcoin, there is no processing fee.
Purchases Are Not Taxed
The purchases over Bitcoin is tax free. As there is no third party, who can identify your transactions. As a result, no one can tax you for your purchases. So you can have the most expensive thing without paying any tax for it.
But still if you wish to show your returns as income then you can easily file your taxes using Turbotax or any other alternatives https://taxfyle.com/blog/turbotax-alternatives/
Very Low Transaction Fees
Bitcoin transactions also have a very low transaction fee. Usually, the standard wi transfers and foreign purchases involve fees and exchange costs. However, this is not the same case with Bitcoin. As bitcoin networks work without the government involved. The costs to transact your money is very low. And this is one of the biggest advantages to travelers. Also, transactions that happen over the bitcoin are real quick. As there is no one who would approve the transaction.
Just like any other online payment system, bitcoin users can also pay for their coins anywhere with limited internet access. So you do not really have to travel to any bank or buy a product. Also, while doing a bitcoin transaction, there is no need for you to share your personal details.
So that was the answer to your What are the advantages of paying with Bitcoin question. However, before you start making payments with Bitcoin, you will need to purchase Bitcoins at first. And for this, you can try out the VirgoCX. It is one of the best and reliable options available out there. Also, if you have any more questions to ask, then do feel free to comment below.